Delaware Academy of Medicine Inc

Analysis

Delaware Academy of Medicine Inc is a registered charity in United States, based in Newark, DE. It received its IRS tax-exemption ruling in February 1948, 78 years ago. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Delaware Academy of Medicine Inc reported income of $1.3m and spending of $1.5m, spending 113% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $423k to $1.3m (+215%), an average of +33% a year. The sharpest change came in the year to December 2022, when income rose by 217%. Over the whole period it spent 94% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Delaware Academy of Medicine Inc sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 79th percentile within DE. Charities of a similar size with the same main cause include Blessed Angels Community Center ($1.3m), Prince Edward Volunteer Rescue Squad Inc ($1.3m) and Orlando Day Nursery Association ($1.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 7.7% of the total. Compensation of current officers, directors and key employees was $153k (10% of expenses). Other salaries and wages came to $361k. At year end it held assets of $5.5m against liabilities of $2.4m, net assets of $3.0m. It reported 7 employees.